A group of Democratic Senators in the United States Congress has expressed their openness to working alongside Republicans to develop a comprehensive framework for the digital asset market. In a joint statement released on Friday, 12 Senators, including members of the Senate Banking and Senate Agriculture Committees, emphasized their support for bipartisan efforts to establish clear regulations for cryptocurrencies and blockchain-based assets.
“We hope our Republican colleagues will agree to a bipartisan authorship process, as is the norm for legislation of this scale,” the Senators stated. “Given our shared interest in moving forward quickly on this issue, we look forward to collaborating on reasonable proposals to shape the future of crypto regulation.”
Despite Republicans holding a majority in both chambers, they may still require some Democratic support to pass the legislation. Among the Democrats’ proposed “seven key pillars” for a digital asset market structure, they highlighted measures to combat illicit finance and address the gap in the spot market for assets not classified as securities. They further urged Republican backing for initiatives aimed at preventing corruption and abuse within the crypto sector.
Related: Key Republican senator anticipates Democratic backing ahead of US crypto market regulation bill
Interestingly, Massachusetts Senator Elizabeth Warren, a prominent Democrat on the banking committee, chose not to sign the joint statement. During the August recess, she voiced her stance in an interview that while digital assets require regulation, she would not support legislation perceived as being heavily influenced by the crypto industry.
Meanwhile, recent discussions between industry leaders and Republican lawmakers suggest a strategic push to advance crypto regulation. Coinbase CEO Brian Armstrong and other executives met with GOP representatives to explore legislative paths for integrating cryptocurrency into the broader financial system.
Although the House of Representatives passed its version of a market structure bill under the CLARITY Act in July, Senate Republicans are drafting a separate bill aimed at creating a robust regulatory environment for cryptocurrencies. Dubbed the Responsible Financial Innovation Act, this legislation is expected to undergo hearings in the Senate Banking and Agriculture Committees before a possible floor vote by the end of this year, with Senator Cynthia Lummis confirming the timetable.
As the US approaches a critical juncture in crypto regulation, industry insiders remain optimistic about establishing a clear and supportive legislative framework by 2026, positioning the United States as a leading hub for blockchain innovation, DeFi, and NFTs.
This article was originally published as Democrats Back Bipartisan Plan to Reform Market Structure Bill on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.
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